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2004 KANSAS FARM MANAGEMENT ASSOCIATION, NC
INCOME AND EXPENSE ANALYSIS
**BY FARM TYPE CROP FARM DAIRY
206 FARMS 11 FARMS
ITEM PER FARM PER FARM
1 BEEF 53,773 1,671
2 DAIRY AND MILK 109- 438,522
3 SHEEP 298
4 SWINE 4,097
5 POULTRY AND EGGS 117 13-
6 OTHER LIVESTOCK 358- 438-
7 CUSTOM FEEDING 1,684
8 FEED PURCHASED 10,440- 116,415-
9 LIVESTOCK INCOME $49,063 $323,326
10 CORN 11,247 8,992
11 GRAIN SORGHUM 31,055 5,538
12 SOYBEANS 28,624 3,772
13 SUNFLOWERS 962
14 WHEAT 67,281 30,994
15 HAY AND FORAGE 8,500 2,344-
16 OTHER CROP 1,990 55-
17 GOVERNMENT PAYMENTS 25,385 17,659
18 CROP INSURANCE PROCEEDS 3,577 97
19 OTHER INCOME 11,193 9,593
20 VALUE OF FARM PRODUCTION $238,877 $397,572
21 HIRED LABOR 10,012 55,741
22 MACHINERY REPAIRS 19,414 23,118
23 IRRIGATION REPAIRS 290 473
24 BUILDING REPAIRS 1,797 2,898
25 INTEREST PAID 13,258 14,489
26 SEED-OTHER CROP EXPENSE 14,262 7,455
27 CROP INSURANCE 5,666 1,315
28 FERTILIZER-LIME 28,922 16,471
29 MACHINE HIRE 8,191 19,974
30 ORGANIZATION FEE, PUBLICATION 2,702 2,211
31 VET-MED-DRUGS 2,288 17,747
32 CROP STORAGE-MARKETING 1,536 1,190
33 LIVESTOCK MARKETING-BREEDING 1,652 11,619
34 DAIRY EXPENSE 7 40,828
35 GAS-FUEL-OIL 12,285 12,008
36 IRRIGATION ENERGY 248 214
37 REAL ESTATE TAXES 4,065 3,918
38 PERSONAL PROPERTY TAXES 891 448
39 GENERAL FARM INSURANCE 4,315 5,437
40 UTILITIES 3,938 14,801
41 CASH FARM RENT 18,500 13,983
42 HERBICIDE-INSECTICIDE 16,074 6,167
43 CONSERVATION 346 261
44 AUTO EXPENSE 1,248 543
45 TOTAL OPERATING EXPENSE $171,909 $273,306
46 DEPRECIATION-MACHINERY 19,276 17,767
47 DEPRECIATION-BUILDINGS 1,774 11,599
48 TOTAL FARM EXPENSE $192,960 $302,672
49 NET FARM INCOME $45,917 $94,900
50 UNPAID FAMILY LABOR 1,245 3,273
51 UNPAID OPERATOR LABOR 26,292 33,136
52 MANAGEMENT CHARGE 11,628 21,779
53 CURRENT ASSET CHARGE - 8% 8,788 15,763
54 NONCURRENT ASSET CHARGE - 8% 23,906 24,779
55 RETURN LABOR-MANAGEMENT 11,978 51,085
56 RETURN TO CAPITAL 20,009 51,201
57 ASSET TURNOVER RATIO .3622 .4983
58 OPERATING PROFIT MARGIN RATIO .0838 .1288
59 % RETURN ON ASSETS .0303 .0642
60 % RETURN ON EQUITY .0165 .0724
61 TOTAL EXPENSE RATIO .8078 .7613
62 ADJUSTED TOTAL EXPENSE RATIO .9717 .9077
63 ECONOMIC TOTAL EXPENSE RATIO 1.1086 1.0096
ASSETS/LOANS/FINANCIAL RATIOS JANUARY 1 DECEMBER 31 JANUARY 1 DECEMBER 31
64 CURRENT ASSETS 185,892 207,832 302,303 332,784
65 NONCURRENT ASSETS 446,255 479,041 459,097 501,522
66 CURRENT LIABILITIES 81,892 92,137 122,662 118,341
67 NONCURRENT LIABILITIES 157,093 170,563 161,949 179,191
68 CURRENT RATIO 2.27 2.26 2.46 2.81
69 DEBT TO ASSET RATIO .38 .38 .37 .36
%%ISCC CHANGE_OVERLAY SUMMB2003
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2004 KANSAS FARM MANAGEMENT ASSOCIATION, NC
ANALYSIS OF THE FARM BUSINESS
**BY FARM TYPE CROP FARM DAIRY
AVERAGE ASSET & NET WORTH VALUES
70 BREEDING LIVESTOCK 39,888 216,985
71 MACHINERY AND EQUIPMENT 58,987 77,931
72 MOTOR VEHICLES & LISTED PROPERTY 96,650 73,545
73 BUILDINGS 16,808 92,396
74 OWNED LAND 274,468 197,570
75 TOTAL ASSETS 659,510 797,853
76 NET WORTH 408,668 506,782
LABOR
77 NUMBER OF OPERATORS .97 1.22
78 NUMBER OF WORKERS 1.36 3.62
79 TOTAL WORK DAYS 279 741
80 VALUE FARM PRODUCTION/WORKER 175,620 109,606
81 NET FARM INCOME/WORKER 33,758 26,163
PER OPERATOR BASIS
82 TOTAL ASSETS 677,263 650,103
83 VALUE OF FARM PRODUCTION 245,307 323,948
84 NET FARM INCOME 47,153 77,326
OTHER FACTORS
85 % CROP ACRES IRRIGATED 2.52 4.54
86 % TILLABLE LAND 72.44 72.99
87 CROP MACH COST/TOT EXPENSE(%) 30.50 16.65
ACRES TOTAL CNT OWNED CNT RENTED CNT TOTAL CNT OWNED CNT RENTED CNT
88 TOTAL ACRES 1596 206 558 173 1203 193 846 11 291 9 668 10
89 NON-IRRIGATED CROP ACRES 1127 206 422 169 838 192 589 11 230 9 442 10
90 IRRIGATED CROP ACRES 222 27 162 9 190 24
91 TOTAL CROP ACRES 1156 206 431 169 861 192 617 11 236 9 467 10
92 PASTURE ACRES 575 155 195 117 499 133 279 9 71 7 288 7
93 FARMSTEAD ACRES 71 20 55 17 55 9
CROP VALUE, COSTS, ACRES TOTAL PER CROP ACRE PER HARV.ACRE TOTAL PER CROP ACRE PER HARV.ACRE
94 ACRES 1156 1162 617 684
95 CROP MACHINERY INVESTMENT 135,360 117.06 116.49 85,413 138.35 124.84
96 CROP MACHINERY COST 58,844 50.89 50.64 50,389 81.62 73.65
97 GROSS CROP VALUE 216,354 187.10 186.19 165,750 268.48 242.27
98 CROP PRODUCTION COSTS 149,353 129.16 128.53 108,512 175.77 158.61
NON-IRRIGATED ACRES AVE. OWNED RENTED AVE. OWNED RENTED
CNT ACRES ACRES YIELD ACRES YIELD CNT ACRES ACRES YIELD ACRES YIELD
99 CORN 70 142 114 137.1 106 130.8 7 79 51 145.0 87 153.6
100 GRAIN SORGHUM 185 275 117 96.7 214 95.2 5 159 142 87.8
101 SOYBEANS 159 224 119 35.6 178 36.6 5 65 65 32.7
102 SUNFLOWERS 16 97 61 19.8 107 14.6
103 WHEAT 203 523 191 48.5 412 47.7 7 307 134 55.7 268 55.4
104 OTHER CROPS 17 67 83 35
105 ALFALFA 134 99 52 3.3 100 3.4 11 121 69 4.6 131 3.8
106 OTHER HAY & FORAGE 150 94 52 76 10 207 90 169
107 VEGETABLES
108 TRUCK CROPS
109 FRUIT - FLOWERS - TREES
IRRIGATED ACRES AVE. OWNED RENTED AVE. OWNED RENTED
CNT ACRES ACRES YIELD ACRES YIELD CNT ACRES ACRES YIELD ACRES YIELD
110 CORN 13 152 163 191.8
111 GRAIN SORGHUM 9 69 54 115.0
112 SOYBEANS 22 138 102 43.6 125 47.7
113 SUNFLOWERS
114 WHEAT 9 102 94 41.6 75 49.2
115 OTHER CROPS
116 ALFALFA
117 OTHER HAY & FORAGE 4 40 40
118 VEGETABLES
119 TRUCK CROPS
120 FRUIT - FLOWERS - TREES
AVERAGE LIVESTOCK INVENTORIES AND SALES
121 BEEF COWS 20
122 DAIRY COWS 117
123 EWES 2
124 SOWS 6
125 BEEF PURCHASED FOR RESALE SALES 69
126 SWINE PURCHASED FOR RESALE SALES 13
127 TURKEYS
%%ISCC CHANGE_OVERLAY SUMMF2003
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2004 KANSAS FARM MANAGEMENT ASSOCIATION, NC
INCOME AND EXPENSE ANALYSIS
**BY FARM TYPE CROP - COW HERD CROP - BACKGROUNDING
31 FARMS 13 FARMS
ITEM PER FARM PER FARM
1 BEEF 112,413 246,076
2 DAIRY AND MILK 50 42,613
3 SHEEP
4 SWINE 1
5 POULTRY AND EGGS 13
6 OTHER LIVESTOCK 50- 1,518
7 CUSTOM FEEDING 242 12,071
8 FEED PURCHASED 21,110- 118,026-
9 LIVESTOCK INCOME $91,559 $184,251
10 CORN 6,704 3,703
11 GRAIN SORGHUM 9,258 11,954
12 SOYBEANS 10,407 13,697
13 SUNFLOWERS 80
14 WHEAT 38,296 41,141
15 HAY AND FORAGE 9,731 1,760
16 OTHER CROP 324 113-
17 GOVERNMENT PAYMENTS 13,852 20,177
18 CROP INSURANCE PROCEEDS 1,447 457
19 OTHER INCOME 12,408 12,896
20 VALUE OF FARM PRODUCTION $194,065 $289,925
21 HIRED LABOR 6,352 6,349
22 MACHINERY REPAIRS 15,938 23,346
23 IRRIGATION REPAIRS 756 222
24 BUILDING REPAIRS 1,505 3,338
25 INTEREST PAID 10,948 25,351
26 SEED-OTHER CROP EXPENSE 6,724 7,683
27 CROP INSURANCE 2,186 3,324
28 FERTILIZER-LIME 15,779 28,450
29 MACHINE HIRE 7,688 13,437
30 ORGANIZATION FEE, PUBLICATION 2,766 3,059
31 VET-MED-DRUGS 3,956 16,261
32 CROP STORAGE-MARKETING 546 250
33 LIVESTOCK MARKETING-BREEDING 4,112 8,681
34 DAIRY EXPENSE 494
35 GAS-FUEL-OIL 11,269 11,880
36 IRRIGATION ENERGY 17 308
37 REAL ESTATE TAXES 3,623 4,693
38 PERSONAL PROPERTY TAXES 630 226
39 GENERAL FARM INSURANCE 3,542 5,155
40 UTILITIES 3,158 5,104
41 CASH FARM RENT 23,476 19,937
42 HERBICIDE-INSECTICIDE 6,583 8,834
43 CONSERVATION 120 800
44 AUTO EXPENSE 797 953
45 TOTAL OPERATING EXPENSE $132,470 $198,136
46 DEPRECIATION-MACHINERY 15,956 24,713
47 DEPRECIATION-BUILDINGS 989 2,764
48 TOTAL FARM EXPENSE $149,416 $225,613
49 NET FARM INCOME $44,650 $64,311
50 UNPAID FAMILY LABOR 944 1,385
51 UNPAID OPERATOR LABOR 26,826 30,531
52 MANAGEMENT CHARGE 11,502 15,939
53 CURRENT ASSET CHARGE - 8% 14,963 18,013
54 NONCURRENT ASSET CHARGE - 8% 24,087 32,039
55 RETURN LABOR-MANAGEMENT 4,656 12,874
56 RETURN TO CAPITAL 16,326 41,808
57 ASSET TURNOVER RATIO .2779 .2739
58 OPERATING PROFIT MARGIN RATIO .0841 .1442
59 % RETURN ON ASSETS .0234 .0395
60 % RETURN ON EQUITY .0110 .0263
61 TOTAL EXPENSE RATIO .7699 .7782
62 ADJUSTED TOTAL EXPENSE RATIO .9723 .9432
63 ECONOMIC TOTAL EXPENSE RATIO 1.1735 1.1159
ASSETS/LOANS/FINANCIAL RATIOS JANUARY 1 DECEMBER 31 JANUARY 1 DECEMBER 31
64 CURRENT ASSETS 252,185 269,298 495,776 519,327
65 NONCURRENT ASSETS 423,868 451,396 541,228 560,630
66 CURRENT LIABILITIES 75,286 72,114 291,651 273,117
67 NONCURRENT LIABILITIES 127,561 145,539 142,868 158,015
68 CURRENT RATIO 3.35 3.73 1.70 1.90
69 DEBT TO ASSET RATIO .30 .30 .42 .40
%%ISCC CHANGE_OVERLAY SUMMB2003
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2004 KANSAS FARM MANAGEMENT ASSOCIATION, NC
ANALYSIS OF THE FARM BUSINESS
**BY FARM TYPE CROP - COW HERD CROP - BACKGROUNDING
AVERAGE ASSET & NET WORTH VALUES
70 BREEDING LIVESTOCK 128,950 77,176
71 MACHINERY AND EQUIPMENT 46,062 61,473
72 MOTOR VEHICLES & LISTED PROPERTY 86,238 128,607
73 BUILDINGS 9,776 27,672
74 OWNED LAND 284,817 320,728
75 TOTAL ASSETS 698,374 1,058,480
76 NET WORTH 488,124 625,655
LABOR
77 NUMBER OF OPERATORS .99 1.13
78 NUMBER OF WORKERS 1.22 1.41
79 TOTAL WORK DAYS 277 366
80 VALUE FARM PRODUCTION/WORKER 158,734 204,838
81 NET FARM INCOME/WORKER 36,521 45,437
PER OPERATOR BASIS
82 TOTAL ASSETS 702,909 936,071
83 VALUE OF FARM PRODUCTION 195,326 256,396
84 NET FARM INCOME 44,940 56,874
OTHER FACTORS
85 % CROP ACRES IRRIGATED 1.46 .65
86 % TILLABLE LAND 30.55 49.76
87 CROP MACH COST/TOT EXPENSE(%) 25.53 23.25
ACRES TOTAL CNT OWNED CNT RENTED CNT TOTAL CNT OWNED CNT RENTED CNT
88 TOTAL ACRES 2125 31 608 24 1709 30 1614 13 372 11 1299 13
89 NON-IRRIGATED CROP ACRES 640 31 211 22 523 29 798 13 315 10 602 12
90 IRRIGATED CROP ACRES
91 TOTAL CROP ACRES 649 31 214 22 531 29 803 13 315 10 608 12
92 PASTURE ACRES 1474 31 427 23 1196 30 959 11 118 8 960 10
93 FARMSTEAD ACRES
CROP VALUE, COSTS, ACRES TOTAL PER CROP ACRE PER HARV.ACRE TOTAL PER CROP ACRE PER HARV.ACRE
94 ACRES 649 663 803 850
95 CROP MACHINERY INVESTMENT 97,212 149.74 146.66 128,936 160.51 151.77
96 CROP MACHINERY COST 38,139 58.75 57.54 52,463 65.31 61.75
97 GROSS CROP VALUE 115,891 178.52 174.84 161,485 201.03 190.09
98 CROP PRODUCTION COSTS 81,161 125.02 122.44 118,696 147.76 139.72
NON-IRRIGATED ACRES AVE. OWNED RENTED AVE. OWNED RENTED
CNT ACRES ACRES YIELD ACRES YIELD CNT ACRES ACRES YIELD ACRES YIELD
99 CORN 10 93 84 149.0 5 71 59 130.9
100 GRAIN SORGHUM 29 104 44 85.7 102 93.2 11 169 156 81.7 137 92.4
101 SOYBEANS 17 101 34 40.2 89 39.3 7 143 96 26.9 123 37.8
102 SUNFLOWERS
103 WHEAT 31 302 103 48.6 265 49.3 12 387 126 47.2 307 48.1
104 OTHER CROPS
105 ALFALFA 27 74 43 4.0 73 3.3 12 80 64 4.8 79 3.7
106 OTHER HAY & FORAGE 26 118 68 90 13 159 75 133
107 VEGETABLES
108 TRUCK CROPS
109 FRUIT - FLOWERS - TREES
IRRIGATED ACRES AVE. OWNED RENTED AVE. OWNED RENTED
CNT ACRES ACRES YIELD ACRES YIELD CNT ACRES ACRES YIELD ACRES YIELD
110 CORN
111 GRAIN SORGHUM
112 SOYBEANS
113 SUNFLOWERS
114 WHEAT
115 OTHER CROPS
116 ALFALFA
117 OTHER HAY & FORAGE
118 VEGETABLES
119 TRUCK CROPS
120 FRUIT - FLOWERS - TREES
AVERAGE LIVESTOCK INVENTORIES AND SALES
121 BEEF COWS 125 9
122 DAIRY COWS
123 EWES
124 SOWS
125 BEEF PURCHASED FOR RESALE SALES 9 819
126 SWINE PURCHASED FOR RESALE SALES
127 TURKEYS
%%ISCC CHANGE_OVERLAY SUMMF2003
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2004 KANSAS FARM MANAGEMENT ASSOCIATION, NC
INCOME AND EXPENSE ANALYSIS
**BY FARM TYPE CROP - BEEF
8 FARMS
ITEM PER FARM PER FARM
1 BEEF 157,998
2 DAIRY AND MILK
3 SHEEP
4 SWINE
5 POULTRY AND EGGS
6 OTHER LIVESTOCK 531
7 CUSTOM FEEDING 8,796
8 FEED PURCHASED 23,999-
9 LIVESTOCK INCOME $143,326
10 CORN 16,690
11 GRAIN SORGHUM 9,611
12 SOYBEANS 19,022
13 SUNFLOWERS
14 WHEAT 49,585
15 HAY AND FORAGE 8,606
16 OTHER CROP 1,962
17 GOVERNMENT PAYMENTS 16,826
18 CROP INSURANCE PROCEEDS 8,545
19 OTHER INCOME 2,501
20 VALUE OF FARM PRODUCTION $276,674
21 HIRED LABOR 12,047
22 MACHINERY REPAIRS 22,016
23 IRRIGATION REPAIRS 131
24 BUILDING REPAIRS 3,748
25 INTEREST PAID 29,538
26 SEED-OTHER CROP EXPENSE 10,955
27 CROP INSURANCE 5,270
28 FERTILIZER-LIME 32,146
29 MACHINE HIRE 8,981
30 ORGANIZATION FEE, PUBLICATION 2,954
31 VET-MED-DRUGS 7,726
32 CROP STORAGE-MARKETING 1,832
33 LIVESTOCK MARKETING-BREEDING 7,668
34 DAIRY EXPENSE
35 GAS-FUEL-OIL 13,220
36 IRRIGATION ENERGY 205
37 REAL ESTATE TAXES 4,565
38 PERSONAL PROPERTY TAXES 567
39 GENERAL FARM INSURANCE 4,412
40 UTILITIES 3,132
41 CASH FARM RENT 27,547
42 HERBICIDE-INSECTICIDE 8,946
43 CONSERVATION 33
44 AUTO EXPENSE 275
45 TOTAL OPERATING EXPENSE $207,912
46 DEPRECIATION-MACHINERY 16,531
47 DEPRECIATION-BUILDINGS 1,396
48 TOTAL FARM EXPENSE $225,839
49 NET FARM INCOME $50,835
50 UNPAID FAMILY LABOR
51 UNPAID OPERATOR LABOR 27,000
52 MANAGEMENT CHARGE 13,621
53 CURRENT ASSET CHARGE - 8% 6,471
54 NONCURRENT ASSET CHARGE - 8% 27,051
55 RETURN LABOR-MANAGEMENT 17,313
56 RETURN TO CAPITAL 39,752
57 ASSET TURNOVER RATIO .2928
58 OPERATING PROFIT MARGIN RATIO .1437
59 % RETURN ON ASSETS .0421
60 % RETURN ON EQUITY .0244
61 TOTAL EXPENSE RATIO .8163
62 ADJUSTED TOTAL EXPENSE RATIO .9631
63 ECONOMIC TOTAL EXPENSE RATIO 1.0842
ASSETS/LOANS/FINANCIAL RATIOS JANUARY 1 DECEMBER 31 JANUARY 1 DECEMBER 31
64 CURRENT ASSETS 340,186 394,806
65 NONCURRENT ASSETS 569,635 585,034
66 CURRENT LIABILITIES 285,257 287,969
67 NONCURRENT LIABILITIES 222,074 256,321
68 CURRENT RATIO 1.19 1.37
69 DEBT TO ASSET RATIO .56 .56
%%ISCC CHANGE_OVERLAY SUMMB2003
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2004 KANSAS FARM MANAGEMENT ASSOCIATION, NC
ANALYSIS OF THE FARM BUSINESS
**BY FARM TYPE CROP - BEEF
AVERAGE ASSET & NET WORTH VALUES
70 BREEDING LIVESTOCK 92,103
71 MACHINERY AND EQUIPMENT 50,165
72 MOTOR VEHICLES & LISTED PROPERTY 94,391
73 BUILDINGS 13,722
74 OWNED LAND 401,159
75 TOTAL ASSETS 944,831
76 NET WORTH 419,021
LABOR
77 NUMBER OF OPERATORS 1.00
78 NUMBER OF WORKERS 1.53
79 TOTAL WORK DAYS 375
80 VALUE FARM PRODUCTION/WORKER 179,950
81 NET FARM INCOME/WORKER 33,063
PER OPERATOR BASIS
82 TOTAL ASSETS 944,831
83 VALUE OF FARM PRODUCTION 276,674
84 NET FARM INCOME 50,835
OTHER FACTORS
85 % CROP ACRES IRRIGATED 5.72
86 % TILLABLE LAND 43.28
87 CROP MACH COST/TOT EXPENSE(%) 24.51
ACRES TOTAL CNT OWNED CNT RENTED CNT TOTAL CNT OWNED CNT RENTED CNT
88 TOTAL ACRES 2211 8 667 8 1543 8
89 NON-IRRIGATED CROP ACRES 902 8 329 8 654 7
90 IRRIGATED CROP ACRES
91 TOTAL CROP ACRES 957 8 356 8 686 7
92 PASTURE ACRES 1252 8 310 8 942 8
93 FARMSTEAD ACRES
CROP VALUE, COSTS, ACRES TOTAL PER CROP ACRE PER HARV.ACRE TOTAL PER CROP ACRE PER HARV.ACRE
94 ACRES 957 976
95 CROP MACHINERY INVESTMENT 110,463 115.46 113.17
96 CROP MACHINERY COST 55,349 57.85 56.70
97 GROSS CROP VALUE 175,880 183.83 180.19
98 CROP PRODUCTION COSTS 133,794 139.84 137.07
NON-IRRIGATED ACRES AVE. OWNED RENTED AVE. OWNED RENTED
CNT ACRES ACRES YIELD ACRES YIELD CNT ACRES ACRES YIELD ACRES YIELD
99 CORN 4 90
100 GRAIN SORGHUM 6 159 86 72.2 105 99.4
101 SOYBEANS 6 120 58 37.1 108 33.5
102 SUNFLOWERS
103 WHEAT 8 376 104 46.1 363 49.8
104 OTHER CROPS
105 ALFALFA 7 83 67 4.2 50 4.2
106 OTHER HAY & FORAGE 8 215 111 151
107 VEGETABLES
108 TRUCK CROPS
109 FRUIT - FLOWERS - TREES
IRRIGATED ACRES AVE. OWNED RENTED AVE. OWNED RENTED
CNT ACRES ACRES YIELD ACRES YIELD CNT ACRES ACRES YIELD ACRES YIELD
110 CORN
111 GRAIN SORGHUM
112 SOYBEANS
113 SUNFLOWERS
114 WHEAT
115 OTHER CROPS
116 ALFALFA
117 OTHER HAY & FORAGE
118 VEGETABLES
119 TRUCK CROPS
120 FRUIT - FLOWERS - TREES
AVERAGE LIVESTOCK INVENTORIES AND SALES
121 BEEF COWS 90
122 DAIRY COWS
123 EWES
124 SOWS
125 BEEF PURCHASED FOR RESALE SALES 342
126 SWINE PURCHASED FOR RESALE SALES
127 TURKEYS
%%ISCC CHANGE_OVERLAY SUMMF2003
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